. She received $131,000 in salary. . She received $12.500 of dividend income. She received $6,200 of interest income on Home Depot bonds. She received $21.000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,300. . She received $13,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4.900. Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below Open spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do no your answer to the nearest cent. Do not found intermediate calculations b. What is her marginal tax rate? Round your answer to I decimal place, 28 c. What is her average tax rate Round your answer to 2 decimal places Check My Work Retrobem 5131,000.00 Tax Table for Single Individuals: Taxable income Dividend Income 5 Interest Income 6 LT Stock Sale 7 LT Stock Cost 3 ST Stock Sale ST Stock Cost 0 Personal Exemption 1 Hemized Deductions 2 Aplicable Tax Rate on Dividends & LT Capital Gains 512 500 00 $6.200.00 $21.000.00 $5300 00 $13.000.00 $4.900.00 54 000 00 $7,500.00 15.00% $0.00 $9.225 00 $3745000 590.750 00 $189.750.00 5411 500 00 $413 200.00 Amount Paid on Base $0.00 5 922 50 55.156 25 $18.481 25 $46,075 25 $119.40125 $119,996 25 Percentage on Excess Over Base 100% 15 00% 2500% 28.00% 3300% 35 00 39 60% ENIA 4 a, Calculation of Federal Tax Liability 5 Calculation of Table income 6 Salary 7 Interest income #IST Capital On 9 Income before Exemption and Deductions 20 Personal Exemption 1 Hemicced Deducions Taxable income before Dividends & LT Capital Gains 4 Tones on Taxable income Before Dividends & LT Capital Gains 5 Tax Lability on Base of Bracket 5131 000 00 $6,200.00 58.100,00 $4,000.00 $7,500.00 ONIA ENA F G H $131.000 17 Interest Income 18 IST Capital Oains 19 Income before Exemption and Deductions 20 Personal Exemption 21 Memoed Deductions Taxable income before Dividends & LT Capital Gains $7,500.00 24 Taxes on Taxable income Before Dividends & LT Canal Gains 25 Tax Liability on Base of Bracket 26 Tax Lability on Excess over Base Taxon Taxable income before Dividends & LT Capital Gains NA 29 Taxes on Dividends & LT Capital Gains 30 Dividend Income 31 LT Capital Gains Income 32 Total Dividend & LT Capital Gains Income 33 Tax on Dividends & LT Capital Gains income 35 Total Federal Tax Lability 37 b. Calculation of Marginal Tax Rate 38 M ginal Tax Rate 39 40 c. Calculation of Average Tax Rate 41 Average Tax Rate Sheet
